The 144-unit development will dedicate 50% of residences to active-duty service members and veterans, with 5% of units reserved for veterans experiencing homelessness
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and broken ground on Normandy Cove, a new 144-unit affordable housing community located in the Westside section of Jacksonville, Florida. The development will provide high-quality, income-restricted housing with a significant focus on serving active-duty military members and veterans.
Apartments are reserved for income-qualifying residents earning 30%, 60%, and 70% of the area median income (AMI), with monthly rents ranging from approximately $470 to $1,716. According to recent market data, Duval County has experienced nearly five percent population growth over the past four years, with average asking rents exceeding $1,500 in this submarket.
Half of the Normandy Cove’s units will be dedicated to active-duty service members and veterans, including a five percent set-aside for veterans experiencing homelessness. HTG is partnering with local organizations Hope4Veterans Inc., and I.M. Sulzebacher Center for the Homeless, Inc. to reach prospective residents, and to provide supportive programming, including employment assistance, financial management services, homeownership opportunities, and specialized veteran-focused services. The developer worked with the Duval County School Board to secure an easement through the adjacent Edward H. White High School, transforming this 14-acre parcel into a community asset.
“Normandy Cove is a direct response to the housing mismatch in Jacksonville, where service members and working families are increasingly being priced out of the communities they serve,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “By partnering with local veteran service organizations and the Duval County School Board, we’ve been able to transform a complex site into a sanctuary that offers more than just a roof – it offers stability, dignity, and specialized support for those who have served.”
Normandy Cove is financed with $20.8 million in 4% Low-Income Housing Tax Credit equity allocated by the Florida Housing Finance Corporation (FHFC) syndicated by Raymond James; a $27.5 million construction loan from TD Bank; a $16.4 million permanent loan from Berkadia through Freddie Mac; an $11 million State Apartment Incentive Loan (SAIL) from FHFC; $1.5 million in gap funding from the City of Jacksonville Housing and Community Development Department Revolving Loan Fund; and $500,000 of gap funding from the Jacksonville Housing Finance Authority, which also provided tax-exempt bond financing.
Located at 7375 Sheldon Dr., Normandy Cove will deliver one-, two-, and three-bedroom apartments featuring quartz countertops, luxury vinyl plank flooring, and modern appliances. Community amenities will include a swimming pool, fitness center, business center, multipurpose clubhouse, outdoor amenity deck, and dedicated office space and meeting areas for veteran service providers. The development will receive National Green Building Standard (NGBS) certification. A future second phase at Normandy Cove is planned to add 99 additional units, bringing the total planned development to 243 residences.
The property is located just a few minutes off I-295 and I-10 with close proximity to the abundant retail along Normandy Boulevard. Normandy Cove is within 20 minutes of Downtown Jacksonville, 20 minutes from the Naval Air Station (NAS) JAX Base and 45 minutes from the Mayport Naval Air Station and the U.S. Naval Forces Southern Command.
The design and construction team for Normandy Cove includes FK Architects as architect and interior designer, BDI Construction as general contractor, and NV5, Inc. as civil engineer.
Normandy Cove marks HTG’s first affordable housing community in the Jacksonville area. This milestone builds on HTG’s broader presence in the greater Jacksonville region, including its Bryce Landing community in Clay County. In addition to the second phase of Normandy Cove, HTG has been actively advancing its proposed Duval 212 community in downtown Jacksonville, anticipated to deliver 85 units in partnership with Cathedral District–Jax, Inc., a local nonprofit. In coordination with the Downtown Investment Authority and the City of Jacksonville, the project focuses on transforming underutilized church and City-owned land into a vibrant mixed-income, mixed-use community. With substantial predevelopment efforts already underway, Duval 212 represents HTG’s next opportunity to deliver much-needed housing while contributing to the broader momentum of downtown revitalization, including the stadium redevelopment, UF campus expansion, and the proposed Culinary Institute of America.